ISLAMIC BANKING IN THE PHILIPPINES - THE REALITIES OF 2019
( Pp. 57-60)
More about authors
Ermakova Elena P.
kandidat yuridicheskih nauk, docent, docent kafedry grazhdanskogo prava i processa i mezhdunarodnogo chastnogo prava
RUDN University Law Institute
RUDN University Law Institute
Abstract:
The article notes that the General Banking Law of 2000 of the Philippines recognizes Islamic banks as a category of banking institutions, but the Central Bank of the Philippines (BSP), The banking industry regulator has not yet issued a circular allowing local banks (including local branches of foreign banks) to create Islamic banking units. To date, none of the traditional banks in the country has departments of Islamic banking. The Philippines officially recognized Islamic banking 40 years ago when Al Amanah Bank, the first Islamic bank in the country established to meet the financial needs of the Muslim population, was established. The new Organic Law for the Bangsamoro Autonomous Region in Muslim Mindanao 2019 contains provisions for the Bangsamoro government to encourage the creation of: a) banks, financial institutions and their branches, including Islamic banking units in national and foreign traditional banks; and b) offshore units of foreign banks within the Bangsamoro Autonomous Region in accordance with the principles of the Islamic banking system.
How to Cite:
Ermakova E.P., (2019), ISLAMIC BANKING IN THE PHILIPPINES - THE REALITIES OF 2019. Gaps in Russian Legislation, 3 => 57-60.
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Ermakova E.P. Grazhdanskiy protsess, arbitrazh i mediatsiya v Gonkonge, Indonezii, Malayzii, Singapure i Filippinakh. Monografiya. M, YUrlitinform, 2015.
Islamskiy bank razvitiya, IBR (Islamic Development Bank, IsDB- Vikipediya. URL: https://ru.wikipedia.org/wiki/ Data obrashcheniya 20.02.19.
Razreshenie finansovykh sporov v stranakh ATR (Avstraliya, Gonkong, Indiya, Indoneziya, Kitay, Malayziya, Novaya Zelandiya, Singapur, SSHA, Tailand, YAponiya). Monografiya. Pod red. E.E. Frolovoy i E.P. Ermakovoy. M. Izd. Infotropik Media, 2019.
KHadzhich YAkub. Istoricheskaya vekha dlya Bangsamoro: filippinskie musul mane golosuyut za rasshirennuyu avtonomiyu. 21.01.19.// Golos islama.ru.URL: https://golosislama.com/news.php id 35783 Data obrashcheniya 11.02.19.
Civil Code of the Philippines. URL: https://www.wipo. int/edocs/lexdocs/laws/en/ph/ph021en.pdf Data obrashcheniya 24.01.19.
Developing Islamic Finance in the Philippines - World Bank Documents. URL: http://documents.worldbank.org/ curated/en/748841468087856489/pdf/106382-WP-P153163-PUBLIC.pdf Data obrashcheniya 20.02.19.
Developing Islamic Finance in the Philippines - World Bank Documents. URL: http://documents.worldbank.org/ curated/en/748841468087856489/pdf/106382-WP-P153163-PUBLIC.pdf Data obrashcheniya 20.02.19.
Elena Petrovna Ermakova, Ekaterina Petrovna Rusakova, Elena Vitalievna Sitkareva, Evgenia Evgenevna Frolova. Main Components of Protecting Consumers of Financial Products in Asian-Oceanic (APAC) Countries// International Journal of Engineering and Technology (UAE) (ISSN2227524X-United Arab Emirates-Scopus) (DOI: 10.14419/ijet.v7i4.38.24343) Published on:, Vol. 7, No 4.38 (2018). P. 157.
Islamic finance and banking: The challenge and prospects. URL: https://www.researchgate.net/publication/ 285666927 Islamic finance and banking The challenge and prospects Data obrashcheniya 20.02.19.
Islamic finance and banking: The challenge and prospects. URL: https://www.researchgate.net/publication/ 285666927 Islamic finance and banking The challenge and prospects Data obrashcheniya 20.02.19.
Komijani, A. and F. Taghizadeh-Hesary. 2018. An Overview of Islamic Banking and Finance in Asia. ADBI Working Paper 853. Tokyo: Asian Development Bank Institute. URL: https://www.adb.org/publications/overview-islamic-banking-and-finance-asia Data obrashcheniya 20.02.19.
Mambuay Amer Hussein N. Philippines. Islamic Finance Markets. Published: September 2018. URL:https://gettingthedealthrough.com/area/58/jurisdiction/111/islamic-finance-markets-philippines/ Data obrashcheniya 24.01.19.
Marcelo Ver. The Bangsamoro Organic Law: Everything you need to know// CNN Philippines, Jul 24, 2018. URL: http://cnnphilippines.com/news/2018/07/24/bangsa-moro-organic-law-primer-everything-you-need-to-know-bbl.html Data obrashcheniya 29.01.19.
Miroshnichenko, O.I., Samusenko, T.M., Gaivoronskaya, Ya.V., Frolova, E.E. (2018) DOCTRINE IN THE MODERN WORLD: LEGAL TRADITIONS AND MODERN POTENTIAL// The Social Sciences (Pakistan). Vol. 13. no. 2. pp. 235-240.
Morales Rafael A. Islamic banking and finance in the Philippines. September 24, 2018 // In-House Community. URL: https://www.inhousecommunity.com/article/islamic-banking-finance-philippines/ Data obrashcheniya 22.01.19.
Organic Law for the Bangsamoro Autonomous Region in Muslim Mindanao (OLBARMM). Republic Act No. 11054. URL: http://www.officialgazette.gov.ph/downloads/ 2018/07jul/20180727-RA-11054-RRD.pdf Data obrashcheniya 19.02.19.
Philippines: General Banking Law of 2000. URL: http://www.findevgateway.org/library/philippines-general-banking-law-2000 data obrashcheniya 19.02.19.
Presidential Decree No. 1083 quot;Code of Muslim Personal Laws of the Philippines quot;. URL: http://www.chanrob-les.com/presidentialdecreeno1083.htm .U bhvsV uE0 Data obrashcheniya 20.02.19.
Shari a Standards - The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). URL: http://aaoifi.com/standard/shariah-standards/ lang en Data obrashcheniya 20.02.19.
